Binance coin price started a fresh rally above the 0 resistance against the USDT. BNB is now trading above 0 and it might continue to rise towards 0 or 0.
- Binance coin price started a fresh rally above the 0 and 0 resistance levels against the USDT.
- The price is now trading well above 0 and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near 0 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
- The pair is likely to resume its upward move above the 5 and 0 resistance levels in the near term.
Binance Coin Price Breaks 0
After forming a base above 0, binance coin started a fresh increase. BNB broke the main 0 resistance and recently surpassed the 5 pivot level.
The bulls were able to lead the price above the 0 barrier and the 100 simple moving average (4-hours). As a result, there was a break above the 0 level. The price traded to a new monthly high at 7 and it is currently correcting gains.
It broke the 5 support level. There was also a break below the 23.6% Fib retracement level of the upward move from the 9 swing low to 7 high.
Source: BNBUSDT on TradingView.com
On the downside, the first major support is near the 0 level. It is close to the 50% Fib retracement level of the upward move from the 9 swing low to 7 high. There is also a major bullish trend line forming with support near 0 on the 4-hours chart of the BNB/USDT pair.
On the upside, the bulls are facing resistance near the 5 and 0 levels. The next major resistance is near the 0 level, above which the price is likely to set a new all-time high in the near term.
Dips Supported in BNB?
If BNB fails to continue higher above 5 and 0, there could be a fresh downside correction. The first major support is near the 5 level.
The next major support is near the 0 level and the trend line. If there is a downside break below the trend line support, there could be a drop towards the 0 support zone.
Technical Indicators
4-Hours MACD – The MACD for BNB/USDT is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USDT is currently well above the 50 level.
Major Support Levels – 5, 0 and 0.
Major Resistance Levels – 5, 0 and 0.